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The Chief Executive Officer of the Ghana Gold Board (GoldBod), Sammy Gyamfi, has rejected claims that the institution engages in foreign exchange trading, insisting that its role is limited to selling forex generated from its statutory gold operations.
Addressing Parliament’s Public Accounts Committee (PAC) on Tuesday, October 13, 2026, Mr Gyamfi said GoldBod was established under the Ghana Gold Board Act, 2025 (Act 1140), primarily to generate foreign exchange for the country and support the Bank of Ghana’s efforts to build up its gold reserves.
“The Gold Board does not trade currency. The word trade means or connotes the buying and selling of a commodity. The Gold Board does not buy currency,” he told the committee.
He explained that, unlike licensed foreign exchange dealers who buy and sell currencies, GoldBod only sells foreign exchange generated in the course of carrying out its legally mandated activities.
“We only sell effects that we generate from our statutory functions. And that is grounded on Section 2B of the Ghana Gold Board Act, which mandates us to generate foreign exchange,” he stated.
Mr Gyamfi maintained that selling the foreign exchange earned through the Board’s operations was necessary to sustain its gold purchasing activities, as the transactions generate the cedi funds required to purchase gold from local sources.
He further noted that GoldBod operates within the foreign exchange market regulated by the Bank of Ghana, which exercises oversight over the sale of foreign currency.
The GoldBod CEO also disclosed that the Board formally wrote to the central bank on September 23, 2026, seeking guidance and authorisation for its funding model after securing policy approval from its supervising minister, the Minister of Finance.
He said the Bank of Ghana had since provided the necessary guidance and authorisation.
“I’m happy to inform the committee that the Bank of Ghana has given us that guidance and authorisation,” Mr Gyamfi told the committee.
His remarks were intended to clarify the Board’s role in the foreign exchange market, emphasising that its forex sales arise from its statutory gold operations rather than currency trading.